Jerome Powell is set to testify before the House Financial Services Committee today, and the mood among stock traders and asset managers is glum. Morgan Stanley, for example, has cut its allocation to global equities, and cites the Fed as the key item that can make its stock call wrong.This podcast (5:32) argues that the substantially larger and more sensible bond market is a more reliable signal of confidence in the current market paradigm than the schizophrenic stock market.
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